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May 20, 2012
05/12
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life without germany will mean a lot more austerity than life with germany. for more on this, you can read my column in this week's "time" magazine and on time.com. magazine and on time.com. let's get started. -- captions by vitac -- www.vitac.com >>> all eyes are on europe right now, and "time" magazine calls my next guest the most important man on that continent. italian prime minister mario monti traveled to the united states for the g-8 meeting at camp david and the nato meeting in chicago, and he joins me now in washington. >> welcome. >> pleasure to be here. >> let me ask you, prime minister, first we'll talk about italy, but first i got to talk to you about greece. there is, in a sense, a bank run taking place. greece is going to be unable to finance itself unless there is some kind of massive help from europe. can greece stay in the euro? >> i think greeks want to stay in the euro. not all greeks are ready to do whatever is necessary to stay in the euro. but i think as we approach the 17th of june election date, the feeling in greece that it's crucial
life without germany will mean a lot more austerity than life with germany. for more on this, you can read my column in this week's "time" magazine and on time.com. magazine and on time.com. let's get started. -- captions by vitac -- www.vitac.com >>> all eyes are on europe right now, and "time" magazine calls my next guest the most important man on that continent. italian prime minister mario monti traveled to the united states for the g-8 meeting at camp david and...
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Sep 24, 2012
09/12
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but the changes made germany much more competitive. manufacturing exports started soaring, and during the global recession, unemployment actually went down in germany while everybody else's went up. germany's apprentice system providing a wealth of high-skilled workers had a lot to do with that success. apprentices get a crash course in manufacturing, and also work on their own projects. they can even get a bachelors degree. >> there's a sense in the united states that the train something a lid on a kid's career and it's quite the opposite. >> i already got my prototype working -- >> when apprentices complete their training they get a certificate that is accepted throughout their industry. so they can even work for another company if they want. but at siemans 85% end up staying after that training. >> that kind of investment and participation with the employee ends up in creating loyalty. >> the lynchpin of germany's apprentice system is collaboration. the companies and the vocational schools and the government and the trade unions all
but the changes made germany much more competitive. manufacturing exports started soaring, and during the global recession, unemployment actually went down in germany while everybody else's went up. germany's apprentice system providing a wealth of high-skilled workers had a lot to do with that success. apprentices get a crash course in manufacturing, and also work on their own projects. they can even get a bachelors degree. >> there's a sense in the united states that the train something...
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Jan 26, 2012
01/12
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if it's not sorted out, then germany's economy will suffer. time is running out because ultimately if spain, portugal, italy, etc. will really suffer. >> reporter: were you surprised that angela merkel actually said that germany couldn't make promises that she couldn't keep? there's a view she's not doing enough to start with, never mind going all the way? >> i think it's unlikely she's going to make a major announcement in davos. she has to be answerable to germany not necessarily the international community. what i think is important is if you have a problem coming through southern europe, it will spread through northern europe. germany thinks it's immune without having change during the course of the year. >> reporter: once again, steven king with richard quest. much of the talk here is about the future of the eurozone. one person said it's much to do with not very much. may not be the general consensus in davos. a breakup of the eurozone is the single most overrated happening in 2012. i'm joined by our rash sha's president in davos. let's
if it's not sorted out, then germany's economy will suffer. time is running out because ultimately if spain, portugal, italy, etc. will really suffer. >> reporter: were you surprised that angela merkel actually said that germany couldn't make promises that she couldn't keep? there's a view she's not doing enough to start with, never mind going all the way? >> i think it's unlikely she's going to make a major announcement in davos. she has to be answerable to germany not necessarily...
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May 6, 2012
05/12
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germany, 5.6% unemployment. britain, which still uses the pound, is not a member of the eurozone but a very important demographic in all of this, it is at 8%. clearly tough times for europe and the concern is if you have fewer euros or pounds in your pocket, you're not spending them on american made goods and that slows the u.s. recovery as well. >> we talk about a spillover effect, it is not like a cup of coffee that spills over and you have coffee on you, it has to do with whether or not you as a country are doing the right things to brace for this coming storm. to john defterios. when it comes to the economy, greece is a country that has quite possibly done about everything wrong. the government agreed to tough cuts in exchange for being bailed out but voters are not happy. today they are expected to try and slow if not halt those cuts altogeth altogether. explain, john, to our u.s. audience the scope of the problem, just how much trouble is greece actually in. >> it is in a league of its own. you think of a
germany, 5.6% unemployment. britain, which still uses the pound, is not a member of the eurozone but a very important demographic in all of this, it is at 8%. clearly tough times for europe and the concern is if you have fewer euros or pounds in your pocket, you're not spending them on american made goods and that slows the u.s. recovery as well. >> we talk about a spillover effect, it is not like a cup of coffee that spills over and you have coffee on you, it has to do with whether or...
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Sep 24, 2012
09/12
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and i think that germany's success as an exporting company is based on this skill. >> reporter: germany's success has been nothing short of remarkable. once known as the sick man of europe, the country enacted reform, cut costs and went through a painful period of restructuring. in 2005, unemployment peaked at over 11%, much higher than the eurozone and the united states. but the changes had made germany much more competitive. manufacturing exports started soaring and during the global recession, unemployment actually went down in germany while everyone else's went up. germany's apprentice system, providing a wealth of high-skilled workers, had a lot to do with that success. apprentices at seimans get a crash course in cutting-edge manufacturing. and also work on their own projects. they can even get a bachelor's degree. >> i think there's a sense in the united states that this apprenticeship training is somehow a lid on a kid's career and it's quite the opposite. >> i already got my prototype working. >> reporter: when apprentices complete their training, they get a certificate that's ac
and i think that germany's success as an exporting company is based on this skill. >> reporter: germany's success has been nothing short of remarkable. once known as the sick man of europe, the country enacted reform, cut costs and went through a painful period of restructuring. in 2005, unemployment peaked at over 11%, much higher than the eurozone and the united states. but the changes had made germany much more competitive. manufacturing exports started soaring and during the global...
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Sep 29, 2012
09/12
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germany has 25% of their labor force in manufacturing compared to only 9%. manufacturing today means high technology manufacturing, which we need to be doing. if the middle class is going to survive, john is absolutely right, we need more of stem education, science, engineering, math, technology. there is a clear path to solving this problem. it basically must recognize we have to start producing as much or more than we consume. this whole thing about going to the walmart, yeah, it's cheap there but we have to understand the consequences. >> let me ask you about this. consumer confidence is up, a n cnnorc poll asks how the economy will be a year from now. two-thirds think it will be in better shape. that american optimism is critical but we can't fall into the traps by buying cheap stuff we don't need, it's all imported. >> nobody says it's not needed. imagine living without your iphone. >> a pair of tennis shoes. >> i agree with the point our new growth and prosperity will be made out of technology and we need education. we can't do that by bashing china. i
germany has 25% of their labor force in manufacturing compared to only 9%. manufacturing today means high technology manufacturing, which we need to be doing. if the middle class is going to survive, john is absolutely right, we need more of stem education, science, engineering, math, technology. there is a clear path to solving this problem. it basically must recognize we have to start producing as much or more than we consume. this whole thing about going to the walmart, yeah, it's cheap...
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Jul 26, 2012
07/12
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does. >> i think it does rest on what germany does, yes. i understand, by the way, the dilemma. and this is what i mean by -- the problem for political leaders today is, you keep coming to these forks in the road on all these issues that are absolutely dire, and the -- absolutely binary and the choices are both ugly. if you're the german chancellor, do you commit the german economy, that's a strong economy, that has done well, do you commit it fully behind economies you believe have not done well and are not performing well? that's one dilemma. the other choice, though, is do you let the single currency go, in which case you face pretty much a financial meltdown in europe. and then many years to recover that situation. so this is very tough. but i think it's urgent. you said it, you know, is it perilous? yes, it is. because i think we -- the danger i foresee at the moment is that we're just always two months behind the curve with these decisions. and we can't, i think, afford to carry on, having european where -- summits where we don't abso
does. >> i think it does rest on what germany does, yes. i understand, by the way, the dilemma. and this is what i mean by -- the problem for political leaders today is, you keep coming to these forks in the road on all these issues that are absolutely dire, and the -- absolutely binary and the choices are both ugly. if you're the german chancellor, do you commit the german economy, that's a strong economy, that has done well, do you commit it fully behind economies you believe have not...
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Mar 25, 2012
03/12
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i think the eu depends on france and germany and france and germany depend on the eu continuing. >> the issues you're talking about is hollande is proposing a very, very large role for the state? >> yes. >> 75% tax rates. and also proposing that the french get out of the business of this partnership with germany in forcing discipline on southern europe? >> yes. >> you think that they will have to continuing doing that but you're worried the germans won't be able to continue to do that? >> yes. the real concern is that germany decides it doesn't want to play the central role in the eu which has been the banker and the country that often makes sacrifices for greater political union and german voters are tired. it's in germany's economic interest to do that but politically that's not as sure of a thing as it has been. >> bruce, you do a lot of modeling for the cia, for the state department, for other governments. if you were to try to construct a model, do you think that -- about whether the euro is going to survive or collapse through this period of crisis, what would you say? >> i think
i think the eu depends on france and germany and france and germany depend on the eu continuing. >> the issues you're talking about is hollande is proposing a very, very large role for the state? >> yes. >> 75% tax rates. and also proposing that the french get out of the business of this partnership with germany in forcing discipline on southern europe? >> yes. >> you think that they will have to continuing doing that but you're worried the germans won't be able to...
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Mar 27, 2012
03/12
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people expected and that's been helping to lift markets particularly in germany but across the board it's still looking positive despite the fact that we've had some of these indices posting five consecutive days' worth of losses last week, some like the dax and cac 40, an excuse to buy. that's more or less what's happening. >> if you look at the markets in asia certainly getting a pop today, nina. got that positive number from wall street overnight. that was the follow-on through the asian markets today. to their highest level in six weeks. across the board except for the shank shy composite which tends to go its own way, the nikkei up 2.3%, big jump for japan. post tsunami high. the country's largest exporter sony closing up more than %, hong kong's hang seng index rose 1.0% and australia getting a boost of 0.9%. this is what happened to the u.s. markets and asia does tend to follow those movements closely. all three rallying on the bernanke suggestion. here's how the close was. the nasdaq 1.8, the dow 1.2, the s&p 1.4%. now, at another four-year high for the s&p. interesting, nina
people expected and that's been helping to lift markets particularly in germany but across the board it's still looking positive despite the fact that we've had some of these indices posting five consecutive days' worth of losses last week, some like the dax and cac 40, an excuse to buy. that's more or less what's happening. >> if you look at the markets in asia certainly getting a pop today, nina. got that positive number from wall street overnight. that was the follow-on through the...
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Jun 17, 2012
06/12
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a former board member of germany's central bank. in 2010, we've released an anti-immigration rant called germany does away with itself. i don't want the country of my grandchildren and great grandchildren to be largely muslim, he wrote. if i want to experience that, i can just take a vacation to the orient. >> the book was a run away best seller. >> and that, i think, was a clear warning to the political class, to the elite of this country that's out there. something is growing. it's not very nice. >> it's not just words. violen violence against immigrants is a big concern in germany. one particularly horrible act inspired estemer to run for office. a turkish woman's home was fire bombed, killing five of her family members. >> i met her. and i promised myself in the next german parliament which was elected 1994. >> he was the first member of parliament at age 2le. now he helps his nation to answer a very basic question. what does it mean to be german? >> can you be a german and have a head scarf at the same time? can you be a german
a former board member of germany's central bank. in 2010, we've released an anti-immigration rant called germany does away with itself. i don't want the country of my grandchildren and great grandchildren to be largely muslim, he wrote. if i want to experience that, i can just take a vacation to the orient. >> the book was a run away best seller. >> and that, i think, was a clear warning to the political class, to the elite of this country that's out there. something is growing....
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Feb 9, 2012
02/12
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there is a clear majority within a euro zone that think like germany. i would like to ask the greek people who they trust more. their own party or european institutions. >> you europe's banks enough to with stand a greek default? >> we are conducting a stress test and making requirements that exceed for all systems and facts in europe. we got this system on the way last year. everyone demanded it. the americans and british and imf. we are doing this and making progress. the relevant banks are supplied with the necessary capital and where there problems, we are prepared to help. >> now here two weeks ago they said the problem about 2011 had been just sort of an endless stream of five. 2012, we had to find a proper solution. the fiscal pact is not that. >> at the close, the dow added five points, ending at 12,883. the nasdaq picked up 11 and the s&p gained two points. disney shares gained 2/3 of a percent and they reported a rise in the theme park attendance in the latest quarter. mcdonald's shares ended lower despite an upbeat sales report. the popularit
there is a clear majority within a euro zone that think like germany. i would like to ask the greek people who they trust more. their own party or european institutions. >> you europe's banks enough to with stand a greek default? >> we are conducting a stress test and making requirements that exceed for all systems and facts in europe. we got this system on the way last year. everyone demanded it. the americans and british and imf. we are doing this and making progress. the relevant...
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Nov 22, 2012
11/12
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. >> the imam role has changed in germany. >> dr. rauf ceylan, a professor of religious studies, interviewed hundreds of imams and found the vast majority of them are immigrants and don't speak german. but the radical imams often do speak the language, like the ultraconservative salafis. >> fundamentalists, salafis groups, for example, are very attractive to youth people. they can speak german. they know the reality of the muslim teenagers. >> so ceylan started a program for moderate imams to help them better understand germany. salih al janabi, an imam from lubbock, is learning about germany's health care situations along with other aspects of german life. he hopes to apply that knowledge to help the people in his mosque. >> translator: you have to also explain that life here in germany is different from the life in their home country. >> other imams in the program have taken field trips to the legislature for a civics lesson and visited a synagogue to learn about judaism. they've gained a much deeper understanding of germany's cult
. >> the imam role has changed in germany. >> dr. rauf ceylan, a professor of religious studies, interviewed hundreds of imams and found the vast majority of them are immigrants and don't speak german. but the radical imams often do speak the language, like the ultraconservative salafis. >> fundamentalists, salafis groups, for example, are very attractive to youth people. they can speak german. they know the reality of the muslim teenagers. >> so ceylan started a program...
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May 13, 2012
05/12
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what are the political winds in germany like? >> there is no revolt the way you had a revolt on the left in france or the kind of revolt you had on the neo-nazi right and the ultra left in greece. i have no worry about that, and i think angela merkel will be chancellor again in 2013 precisely because it's not quite her own doing, precisely now because she reaps the fruits that her predecessor schrader, you know, who is one of the new left three in the past. he sewed what -- germany politically speaking is the most problem. she is constrained by our pop list. no yelling about. you have to -- especially. if the germans are allergic to one thing, it's inflation. and her leway on kind of approaching hollande is not the broadest you can think of. >> pleasure to have you on. up next, what in the world. will the new king make the right choices for all his subjects? when we come back. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 let's talk about that 401(k) you picked up back in the '80s. tdd#: 1-800-345-2550 like a lot of things, the marke
what are the political winds in germany like? >> there is no revolt the way you had a revolt on the left in france or the kind of revolt you had on the neo-nazi right and the ultra left in greece. i have no worry about that, and i think angela merkel will be chancellor again in 2013 precisely because it's not quite her own doing, precisely now because she reaps the fruits that her predecessor schrader, you know, who is one of the new left three in the past. he sewed what -- germany...
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Jun 17, 2012
06/12
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violence against immigrants is a big concern in germany. one particularly horrific act in the '90s, inspooired him to run for office. a turkish woman's home was fire-bombed killing five of her family members. i met her. >> i promised to myself, in the next year in parliament which was elected in 1994, somebody from that community has to be represented. >> he became the first ethnic turkish member of parliament at age 28. now we he helps his nation to answer a very basic question. what does it mean to be german? >> can you be a german and have a head scarf at the same time? can you be a german and practice islam at the same time? and after 9/11, that became more different. >> germany's government has made an effort to better integrate muslims with the rest of the population, meeting with muslim leaders at an i'll german-islam conference since 2006. and there's an intriguing effort in one of the nation's universities to reach out to germany's imam's. this doctor, a professor of religious studies interviewed hundreds of imams and found that th
violence against immigrants is a big concern in germany. one particularly horrific act in the '90s, inspooired him to run for office. a turkish woman's home was fire-bombed killing five of her family members. i met her. >> i promised to myself, in the next year in parliament which was elected in 1994, somebody from that community has to be represented. >> he became the first ethnic turkish member of parliament at age 28. now we he helps his nation to answer a very basic question....
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Jan 16, 2012
01/12
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germany wasn't included in the downgrades. must also point out, one thing that will be widely watched is grease but france has a bond auction going on today. given the fact that this country has lost its aaa crown, that will be one country to watch. >> nina, a negative picture across the board here in asia-pacific. take a look at these. these are losses of today, not surprising after that downgrid. this is not big falls. if you sort of compare that with what we've been seeing over the past 18 months or so, the volatility that's been going on. not a huge reaction there, because a lot of it had been baked into the prices anyway. leading the fall today, financial stocks are worsely affected. transportation companies and exporters taking a knock as debt fears deepened. airlines were down, china southern down by 8%, air china down by 5.5%. they're triaded here in hong kong. shanghai composite off 1.6%. the u.s. stock markets are closed on monday for a national holiday. we can expect plenty of corporate earnings in the days ahead wh
germany wasn't included in the downgrades. must also point out, one thing that will be widely watched is grease but france has a bond auction going on today. given the fact that this country has lost its aaa crown, that will be one country to watch. >> nina, a negative picture across the board here in asia-pacific. take a look at these. these are losses of today, not surprising after that downgrid. this is not big falls. if you sort of compare that with what we've been seeing over the...
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Jun 20, 2012
06/12
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he was extra dieted from germany yesterday. paula newton has been folths following this story from the beginning. >> reporter: he appeared in the montreal courtroom today and pleaded not guilty what he is accused of dismembering the stund and denialing his body. in declaring his not guilty it will be interesting in what happens on thursday and whether or not his defense and the prosecution both ask for a psychiatric evaluation. we have had cases here recently where people try and plea they were criminally not responsible and that means they will head to a psychiatric institution and not a prison. more to come on thursday. >> dottie sandusky, the wife of former penn state football coach jerry sandusky took the stand today. in session's beth carez is at the courthouse. let me start with you. >> she wasn't on the stand all that long. only about 45 minutes and she focused on not just her home life, briefly talking about their six children and 12 grandchildren and how her husband was away a lot when she was raising the kids because
he was extra dieted from germany yesterday. paula newton has been folths following this story from the beginning. >> reporter: he appeared in the montreal courtroom today and pleaded not guilty what he is accused of dismembering the stund and denialing his body. in declaring his not guilty it will be interesting in what happens on thursday and whether or not his defense and the prosecution both ask for a psychiatric evaluation. we have had cases here recently where people try and plea...
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Feb 15, 2012
02/12
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. >>> the debt crisis dampens's europe's largest economy, germany. france is still expected to grow in the fourth quarter. >>> and why twitter won't be going towards an ipo. >>> supposing you're not a greek national, sunday's austerity deal in athens may have seemed too good to be true. turns out it was. the president of the euro group has been saying greece still hasn't done enough to secure a multi billion dollar bailout, as if to underline it's a point, he called off a meeting meant to approve it. he has been saying this, further technical work between greece and the troika is needed in a number of areas here. he also says this includes the closure of the fiscal gap of some 325 million euros for the year 2012. the delay puts greece at renewed risk of default and it also may come as a surprise to the country's unity government after positive noises were made by the european commission's own top money man just a day ago. take a listen. >> as outlined by the euro group last week, this program will be supported by unparalleled circumstances from greec
. >>> the debt crisis dampens's europe's largest economy, germany. france is still expected to grow in the fourth quarter. >>> and why twitter won't be going towards an ipo. >>> supposing you're not a greek national, sunday's austerity deal in athens may have seemed too good to be true. turns out it was. the president of the euro group has been saying greece still hasn't done enough to secure a multi billion dollar bailout, as if to underline it's a point, he called...
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Jul 2, 2012
07/12
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germany, swit zer land, they don't have medicare. people stay with the private insurer to the grave. >> the swiss were getting fed up with their private insurance system in the early 1990s. costs were rising, premiums were disproportionately higher for women and the elderly, and those with pre-existing conditions had trouble getting coverage. some were foregoing insurance altogether. >> the people were flying out of the insurance, so we had to stop this. >> dreyfuss, who would later become switzerland's first woman president, pushed for a law that required everyone to buy insurance, gave subsidies to the poor, and stopped insurance companies from rejecting people for their medical history. sound familiar? that's exactly what president obama's law would do. but in switzerland, it was an uphill battle. the law passed parliament, but barely squeaked by in a national referendum with 52% of the vote. >> where nobody was really happy, but everybody could accept. >> so how is the swiss version of president obama's law faring almost 20 years
germany, swit zer land, they don't have medicare. people stay with the private insurer to the grave. >> the swiss were getting fed up with their private insurance system in the early 1990s. costs were rising, premiums were disproportionately higher for women and the elderly, and those with pre-existing conditions had trouble getting coverage. some were foregoing insurance altogether. >> the people were flying out of the insurance, so we had to stop this. >> dreyfuss, who would...
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Jan 24, 2012
01/12
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the situation with germany, very, very interesting. of course, germany is in the driving seat in terms of europe. it is the country with the money. also the country with the big reluctance. do you think there's any kind of change of position. or do you think that the germans in playing it long have won out in the end? >> i don't think they're particularly winners. if we get a tighter euro zone with stronger partners that will be a form of victory. the fact that merkel is talking with lagarde about putting the existing afst alongside the esm to get a fund of 750 billion euros, that's starting to look almost sensible. the figure in most people's minds is probably a trillion. merkel obviously has to satisfy her voters and that situation there. i mean, as long as she can do that -- i mean, one of the provisos she's putting with this, there should be strict guidelines. if anyone defaults on that, they can't draw on money from the new fund. >> mike franklin joining me in london. many thanks to you. >>> let's see how this indecision in europe
the situation with germany, very, very interesting. of course, germany is in the driving seat in terms of europe. it is the country with the money. also the country with the big reluctance. do you think there's any kind of change of position. or do you think that the germans in playing it long have won out in the end? >> i don't think they're particularly winners. if we get a tighter euro zone with stronger partners that will be a form of victory. the fact that merkel is talking with...
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May 6, 2012
05/12
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germany is so dependent on the growth of exports. >> germany is the china of -- >> germany has now insisted extraordinarily foolishly that everybody else in europe, and remember, the rest of europe is still far and away its biggest market. >> i think it's a foolish policy, and it's having exactly the consequences you would expect and the u.s. will, i think, without doubt unless they go crazy in the end of this year on these ludicrous fiscal cliff that the u.s. has planned for itself. unless something crazy happens, and i expect the u.s. to be the strongest large developed country over the next several years. >> martin wolf, rona, thank you very much. as always. when we come back, we have somebody who has written a book that defends the 1%. the case you haven't heard when we come back. [ male announcer ] citi turns 200 this year. in that time there've been some good days. and some difficult ones. but, through it all, we've persevered, supporting some of the biggest ideas in modern history. so why should our anniversary matter to you? because for 200 years, we've been helping ideas move from
germany is so dependent on the growth of exports. >> germany is the china of -- >> germany has now insisted extraordinarily foolishly that everybody else in europe, and remember, the rest of europe is still far and away its biggest market. >> i think it's a foolish policy, and it's having exactly the consequences you would expect and the u.s. will, i think, without doubt unless they go crazy in the end of this year on these ludicrous fiscal cliff that the u.s. has planned for...
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Mar 12, 2012
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. >>> and it's not euros being traded in this shop in germany. we look at the rise of alternative currencies and their benefits for communities. >>> well, greece and the continuing process of the deal are at the top of the agenda as euro group finance ministers gather in brussels a few hours from now. they're expected to sign off on their part of the $170 billion bailout deal for athens second bailout deal. paving the way for that was last week's agreement by bond holders, private ones, to take a big hit on their investments in greek government debt. we could also find out this week if -- how much the international monetary fund will contribute to the bailout. imf managing director christine lagarde has said she will back a $36.7 billion loan. but the drama in greece certainly isn't over. both moody's and the international swaps and derivatives association, isda, you've seen that a lot in the headlines of late, they say greece has technically defaulted by effect ofly forcing bond holders to take part of in its debt restructuring deal. let's take
. >>> and it's not euros being traded in this shop in germany. we look at the rise of alternative currencies and their benefits for communities. >>> well, greece and the continuing process of the deal are at the top of the agenda as euro group finance ministers gather in brussels a few hours from now. they're expected to sign off on their part of the $170 billion bailout deal for athens second bailout deal. paving the way for that was last week's agreement by bond holders,...
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Jun 22, 2012
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try greece versus germany. perhaps the biggest soccer match in the european 2012 championship is underway right now. it is so big that leaders in europe actually moved the meeting time of their financial talks so german chancellor angela merkel could watch the game in person. and to say these teams don't like each other, well, that would be an understatement. the two nations have a tense connection right now amid all the economic turmoil in europe. fred flanken is in burr lin standing by. fred, tell us why the stakes for this game are much more than who wins. >> this game is obviously really important here in europe especially in the german and the greece because of all the political implications you were talking about. as you said it's called the battle of the bailout here in europe as the greece you know a lot of debt that country has putting up a lot of money to try to bail the greece out. germans are attaching a lot of demand to the money. a lot of austerity. the greece of course not very happy about that.
try greece versus germany. perhaps the biggest soccer match in the european 2012 championship is underway right now. it is so big that leaders in europe actually moved the meeting time of their financial talks so german chancellor angela merkel could watch the game in person. and to say these teams don't like each other, well, that would be an understatement. the two nations have a tense connection right now amid all the economic turmoil in europe. fred flanken is in burr lin standing by. fred,...
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Jan 9, 2012
01/12
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the leaders of germany and france will be meeting this week. they'll be talking about how to save the euro over the next three months. the euro is at a 16-month low against the u.s. dollar. then on wednesday ms. merkel is going to be speaking with mario monti, the italian prime minister. that is in advance of italy's first bond auction of the year. that is set for friday. in its last bond auction of last year yields on its ten year debt sort above the crucial 7% mark. that level makes investors nervous because that has forced other countries in europe to seek bailouts. aside from those meetings we have loads of financial data this week too. from the u.s. and china in particular. on wall street alcoa unofficially kicks off earning season today. they're expected to report a loss of 2 cents a share. on friday jpmorgan chase is the first of big financials to report. they are the earnings are expected to be 17% lower than the same quarter last year. china, we have trade surplus numbers coming out on tuesday. the country's sin want news says it the s
the leaders of germany and france will be meeting this week. they'll be talking about how to save the euro over the next three months. the euro is at a 16-month low against the u.s. dollar. then on wednesday ms. merkel is going to be speaking with mario monti, the italian prime minister. that is in advance of italy's first bond auction of the year. that is set for friday. in its last bond auction of last year yields on its ten year debt sort above the crucial 7% mark. that level makes investors...
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Nov 4, 2012
11/12
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germany has become a very powerful player. italy has $2.5 trillion in debt and they need angela merkel to support them. they can never bail them out, but in a way they can slow the repayment of the debt or help them in some kind of way, but i think also they're looking toward the federal reserve, what ben bernanke has been doing in the last few years and how he actually saved the economy in the united states while europe was still fumbling what to do and now they're following the same formula, same recipe that ben bernanke set up to bring america back. >> finally, ari shavit, let me ask you. president obama gave an interview to a senior decision-maker but it was widely reported to be barack in which he mused about an obama presidency. he said, look, it may be more difficult for an obama presidency to attack iran militarily because any new president is going to have to tame some time before he can take such a major decision. he's going to have to gets he new cabinet officials ready. it may not be a good thing for israel if the
germany has become a very powerful player. italy has $2.5 trillion in debt and they need angela merkel to support them. they can never bail them out, but in a way they can slow the repayment of the debt or help them in some kind of way, but i think also they're looking toward the federal reserve, what ben bernanke has been doing in the last few years and how he actually saved the economy in the united states while europe was still fumbling what to do and now they're following the same formula,...
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May 6, 2012
05/12
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germany is so dependent on the growth of exports. >> germany is the china of -- >> germany has now insisted, extraordinarily foolishly, that everybody else in europe, and remember, the rest of europe is still far and away its biggest market. its ease well over half its trade. so, it's forcing europe to cut demands. so, of course, germany, which is hugely export dependent immediately slows down itself, completely self-defeating. makes impossible adjustment in the rest of europe and slows down growth dramatically in jury manny. i think it is an extraordinarily shortsighted and foolish policy and exactly the consequences you would expect and the u.s. will i think without doubt, unless they go crazy in the end of this year, on these ludicrous fiscal cliff the u.s. has planned itself, unless something crazy happens, and i expect the u.s. to be the strongest large developed country over the next several years. >> martin wolf, rona, thank you very much. as always. >>> when we come back, we have somebody who has written a book that defends the 1%. the case you haven't heard when we come back. [ mal
germany is so dependent on the growth of exports. >> germany is the china of -- >> germany has now insisted, extraordinarily foolishly, that everybody else in europe, and remember, the rest of europe is still far and away its biggest market. its ease well over half its trade. so, it's forcing europe to cut demands. so, of course, germany, which is hugely export dependent immediately slows down itself, completely self-defeating. makes impossible adjustment in the rest of europe and...
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Mar 30, 2012
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the economic think tank expects gdp in germany, france and italy is likely to shrink by 0.4% in the first quarter of the year, largely dragged down by rising oil prices and slowing growth in the world's emerging markets. the report says financial firewalls will be critical here when it comes to strengthen the eurozone's growth and provide the region with breathing room after the bailouts of greece, ireland and portugal. and that is, of course, one of the key issues being decided at the eurozone finance ministers meeting getting underway in copenhagen today. currently the esm, the bailout fund, is capped at about $665 billion. let's get more from fred joining us live from berlin with more detail on what will be on the cards. seems as though the crisis has come back to the forefront with these talks. what will they discuss? >> one thing they will be talking about is the one that al was talking about, spain, and the whole thing that brought these fragile economies back to the forefront. the thing they will talk about most is the size of the firewall, the size of the bailout mechanism or mech
the economic think tank expects gdp in germany, france and italy is likely to shrink by 0.4% in the first quarter of the year, largely dragged down by rising oil prices and slowing growth in the world's emerging markets. the report says financial firewalls will be critical here when it comes to strengthen the eurozone's growth and provide the region with breathing room after the bailouts of greece, ireland and portugal. and that is, of course, one of the key issues being decided at the eurozone...
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Aug 14, 2012
08/12
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this was filmed only a few months ago in germany by neo-nazis themselves. after the march they upload the video on the internet to propagate their ideology adding pompous music to support their message that multi culturalism is killing germany. >> they try to achieve attraction by young people, but the idea is awkward. it is mystical idea. we already killed and are killed by the system, by black ones, muslim ones, jewish ones, it is a racist idea, apop lick particular idea so utterly radical group. >> reporter: they call themselves the i am mortals, a group the german officials describe as a serious and growing concern. they emerged in may last year when a few hundred neo-nazis marched through an east germantown, a flash mob organized over the internet or using text messages. the signs target the mainstream political parties, democrats are causing the death of our people. al ban's call for action destroyed the lives of the democrats meaning people who support multi culturism. experts say the rhetoric is dangerous. >> they are already attacking people or att
this was filmed only a few months ago in germany by neo-nazis themselves. after the march they upload the video on the internet to propagate their ideology adding pompous music to support their message that multi culturalism is killing germany. >> they try to achieve attraction by young people, but the idea is awkward. it is mystical idea. we already killed and are killed by the system, by black ones, muslim ones, jewish ones, it is a racist idea, apop lick particular idea so utterly...
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Mar 25, 2012
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germany, switzerland, they don't have medicare. people stay with the private insurer cradle to grave. >> but the swiss were getting fed up with their private insurance system in the early 1990s. costs were rising, premiums were disproportionately higher for women and the elderly, and those with pre-existing conditions had trouble getting coverage. some were forgoing insurance altogether. >> the people were flying out of the insurance, so we had to stop this. >> dreyfuss, who would later become switzerland's first woman president, pushed for a law that required everyone to buy insurance, gave subsidies to the poor, and stopped insurance companies from rejecting people for their medical history. sound familiar? that's exactly what president obama's law would do. but in switzerland, it was an uphill battle. the law passed parliament, but barely squeaked by in a national referendum with 52% of the vote. >> where nobody was really happy, but everybody could accept. >> so how is the swiss version of president obama's law faring almost 20
germany, switzerland, they don't have medicare. people stay with the private insurer cradle to grave. >> but the swiss were getting fed up with their private insurance system in the early 1990s. costs were rising, premiums were disproportionately higher for women and the elderly, and those with pre-existing conditions had trouble getting coverage. some were forgoing insurance altogether. >> the people were flying out of the insurance, so we had to stop this. >> dreyfuss, who...
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Jun 22, 2012
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greece took a shellacking from germany. germany was favored to win. the bookies only gave greece 17-2 odds. so the outcome was predictable. sort of like the break-up of the eu. italian prime minister mario monty warned today of the apocalypse. saying there is only one week left to save the euro zone. that's after the leaders of germany, france, spain and italy met today, to once again say we're going to do whatever it takes to strengthen our monetary union. the problem is they talk a lot and they don't do much. they have not done that yet. no one expects them to do anything soon. it will be of magnitude enough to solve the crisis. what is the obsession with keeping europe together? does it add up to more trouble than it's worth? we've been telling you "outfront" for weeks that the financial price tag to bail out europe could be as much as $6 trillion. that's according to several analysts. $6 trillion would be about eight t.a.r.p.s. does anyone think greece or spain will pay all the money they have borrowed back, ever? heck, does anyone expect the unit
greece took a shellacking from germany. germany was favored to win. the bookies only gave greece 17-2 odds. so the outcome was predictable. sort of like the break-up of the eu. italian prime minister mario monty warned today of the apocalypse. saying there is only one week left to save the euro zone. that's after the leaders of germany, france, spain and italy met today, to once again say we're going to do whatever it takes to strengthen our monetary union. the problem is they talk a lot and...
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Jan 1, 2012
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germany can afford the bill. well, europe has survived, but the situation did not resolve itself nearly so easily as i thought it would. but my biggest miss was probably the u.s. economy which i thought would recover more vigorously than it did. so what do i think this year? i'm going to double down on my bets. i might have got the timing wrong but the substance right. europe will deal with its problems, not in a clean dramatic way, perhaps not the way i thought. there will be various complex mechanisms that will involve european central bank, some kind of bond insurance. i remain convinced germany will not let europe fall apart. if things get too dangerous germany will write the checks. it's trying to get the best deal it can, the most reforms from countries like greece and italy before it does write the checks. as for america, i'm still bullish. i think the american economy continues to have great strengths, consumers have rebuilt balance sheets somewhat, savings rate from 0% to 3%. corporations are flush with
germany can afford the bill. well, europe has survived, but the situation did not resolve itself nearly so easily as i thought it would. but my biggest miss was probably the u.s. economy which i thought would recover more vigorously than it did. so what do i think this year? i'm going to double down on my bets. i might have got the timing wrong but the substance right. europe will deal with its problems, not in a clean dramatic way, perhaps not the way i thought. there will be various complex...
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Mar 27, 2012
03/12
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>> probably we were on tour together in germany. we had the best time. it was me, whitney and deion. >> i'm going to leave it at that. it's going to be a pleasure. it's nice to talk to you. >>> coming up next, only in america, the out of control parent who is ruin their kids easter egg hunt. ection. [announcer:] conocophillips says, you're right. find out how natural gas answers both at powerincooperation.com. the sleep number bed. the magic of this bed is that you're sleeping on something that conforms to your individual shape. wow! that feels really good. it's hugging my body. in less than a minute i can get more support. if you change your mind once you get home you can adjust it. so whatever you feel like, the sleep number bed's going to provide it for you. at our semi-annual sleep sale, save $400 to $700 on our most popular bed sets. sale ends march 31st. only at the sleep number store, where queen mattresses start at just $699. >>> tonight's only in america, r hi p the easter bunny. the spring religious holiday contains wonderful traditions, includ
>> probably we were on tour together in germany. we had the best time. it was me, whitney and deion. >> i'm going to leave it at that. it's going to be a pleasure. it's nice to talk to you. >>> coming up next, only in america, the out of control parent who is ruin their kids easter egg hunt. ection. [announcer:] conocophillips says, you're right. find out how natural gas answers both at powerincooperation.com. the sleep number bed. the magic of this bed is that you're...
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Jun 19, 2012
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spain issued way more than france and germany combined. what that means, every spaniard who has a debt to a credit card company, a car loan, a mortgage, a debt that is owed in euros, that debt is contained probably, in some bond, owned by somebody else, maybe half a world away. new zealand or brazil. and if spain stops using the euro and starts using the new petitions adda, all bonds take a nasty hit and could be -- for example, the portfolio that guarantees one's own retirement or one's own insurance. >> it is pretty amazing when you think about -- if you have a money market, anybody, money in your bank, money market fund, 15% of that money could be in europe right now. you don't know it i mean, it issin exbly tied to this country. >> aig. it really does illustrate what an extraordinary moment this is. and to david's point, the fact the finance ministers in foreign nations have have such dramatic impact and political fortune as the president cannot be in their entire control, that's an extraordinary sign of the changes that globalization
spain issued way more than france and germany combined. what that means, every spaniard who has a debt to a credit card company, a car loan, a mortgage, a debt that is owed in euros, that debt is contained probably, in some bond, owned by somebody else, maybe half a world away. new zealand or brazil. and if spain stops using the euro and starts using the new petitions adda, all bonds take a nasty hit and could be -- for example, the portfolio that guarantees one's own retirement or one's own...